Correlation Between IDX 30 and Bukaka Teknik
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By analyzing existing cross correlation between IDX 30 Jakarta and Bukaka Teknik Utama, you can compare the effects of market volatilities on IDX 30 and Bukaka Teknik and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in IDX 30 with a short position of Bukaka Teknik. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Bukaka Teknik.
Diversification Opportunities for IDX 30 and Bukaka Teknik
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Bukaka is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Bukaka Teknik Utama in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bukaka Teknik Utama and IDX 30 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on IDX 30 Jakarta are associated (or correlated) with Bukaka Teknik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bukaka Teknik Utama has no effect on the direction of IDX 30 i.e., IDX 30 and Bukaka Teknik go up and down completely randomly.
Pair Corralation between IDX 30 and Bukaka Teknik
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.67 times more return on investment than Bukaka Teknik. However, IDX 30 Jakarta is 1.49 times less risky than Bukaka Teknik. It trades about 0.14 of its potential returns per unit of risk. Bukaka Teknik Utama is currently generating about -0.05 per unit of risk. If you would invest 42,321 in IDX 30 Jakarta on October 26, 2024 and sell it today you would earn a total of 1,102 from holding IDX 30 Jakarta or generate 2.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Bukaka Teknik Utama
Performance |
| Timeline |
IDX 30 and Bukaka Teknik Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Bukaka Teknik Utama
Pair trading matchups for Bukaka Teknik
Pair Trading with IDX 30 and Bukaka Teknik
The main advantage of trading using opposite IDX 30 and Bukaka Teknik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Bukaka Teknik can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Bukaka Teknik will offset losses from the drop in Bukaka Teknik's long position.| IDX 30 vs. Metrodata Electronics Tbk | IDX 30 vs. Siloam International Hospitals | IDX 30 vs. PT Data Sinergitama | IDX 30 vs. Lotte Chemical Titan |
| Bukaka Teknik vs. Indo Kordsa Tbk | Bukaka Teknik vs. Wilmar Cahaya Indonesia | Bukaka Teknik vs. Citra Marga Nusaphala | Bukaka Teknik vs. Darya Varia Laboratoria Tbk |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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